PARIS French oil company Total has extended its offer to buy up to 60 percent of U.S. solar company SunPower Corp by two weeks after consultations with European regulators led to a delay.
The offer will now expire on June 14, Total said on Wednesday, adding it has carried out a number of consultations with the European Commission before filing documents related to the takeover on Tuesday.
"Such a pre-filing consultation tends to make the decision-making process at the European Commission faster and easier and allow for an efficient process within the time allocated," a spokesman said. Total said in April it was offering $1.37 billion for a majority stake in SunPower, marking one of the biggest renewable energy moves by an oil and gas company.
Total shares were down 0.9 percent at 39.10 euros by 4:12 a.m. EDT, compared with a 0.6 percent fall in the French blue-chip CAC 40 index.